While you would never know it, Trump’s Truth Social app is on life support.
It has, however, been given a new jolt of life.
After numerous delays, the long-awaited vote by Digital World Acquisition Corp stockholders has finally taken place.
Sixty-five percent voted to make the merger.
So, if approved, Trump will get a massive $1.25 billion cash injection into the business.
The question now is if it is too late.
Still Needs Approval
The stockholder vote was only the first part of this equation.
Now the SEC has to approve the transaction and believe it or not, that could largely depend on Trump staying off Twitter.
Just as the vote was coming up, Trump stated that he had no interest in going back to Twitter even though Elon Musk had reinstated his account.
He stated that many conservatives were now using his app and they found a new home there, so why go back to Twitter and help a competitor.
That statement could be used against him in his approval process if he decides to pick up that phone and tweet.
Columbia Law School professor Eric Talley stated, “If it’s going to look, later on, that he never had that intention [of remaining off Twitter] but he just wanted to convince people that they should go ahead and close [the SPAC deal] that’s kind of a textbook securities fraud lawsuit.”
Trump also has a contractual clause that Truth Social gets an 8-hour lead time on any post by Trump, so even if he accidentally scratches the itch with something that has not been up on Truth Social, the whole deal could go down the tubes.
So while his app has been given a lifeline, it is still on assisted breathing for the time being.
Source: New York Post
